Bookkeeping and Accounting for Product Reviewers

As a product reviewer, tracking income from multiple different companies can certainly pose a challenge. Bench Accounting offers a comprehensive bookkeeping service that can help keep track of all your income streams properly. Our sophisticated software is capable of organizing income from different sources, ensuring all your earnings are accounted for, tracked, and reported accurately and timely.

With Bench Accounting, you no longer need to worry about misplacing invoices or forgetting income from any source. You can focus entirely on your job as a product reviewer while we manage your bookkeeping. Ensure peace of mind, stay organized, and maintain financial accuracy with our trusted, user-friendly bookkeeping solutions.

In the product reviewing industry, there are numerous business expenses that you can potentially deduct. These may include:

• Purchase of Products: You can generally deduct the cost of products bought for reviewing purposes.
• Subscription Services: Subscriptions to services/softwares relevant to your industry may also be tax-deductible expenses.
• Website Expenses: The cost to maintain, host, or develop your site used for reviews can be included. This also includes costs related to SEO and online advertising.
• Home Office Expenses: If you work from home, you may be able to deduct a portion of your home's costs such as rent, utilities, and internet costs.
• Travels Costs: If the nature of your work involves travel, these expenses such as flights, accommodations, and meals can be included.

Always consult with a tax professional or accounting services to ensure you are properly claiming all eligible deductions while complying with all tax laws.

Managing your accounting for receiving both products and services can be complex, but with proper tracking and bookkeeping, it can be simplified. Here are some steps to consider:

1. Monitor All Transactions: Keeping close track of all transactions is crucial in managing your accounting. Ensure both product and monetary transactions are logged in a timely and accurate manner.
2. Assign Monetary Values: Add monetary values to the products you receive. This can be the market value or resale value of the product. Once you have an assigned value, log these along with your monetary transactions in your accounting record.
3. Use Accounting Software: Using accounting software can help automate and streamline the management process. Many of these platforms have options to record variations of income and expenditure including those received in-kind.
4. Get Professional Help: If you're unsure about how to manage this aspect of your accounting, or simply want to ensure accuracy, hiring a professional bookkeeper is another route you can take. They will have the knowledge and experience to correctly manage and record your transactions.

Remember, the aim here is to ensure your financial records are accurately maintained. This contributes to smoother operational procedures and promotes overall financial health for your business.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.